中国科技资产，再度被引爆。 隔夜中概股狂欢，今天港股科技股立马抢过交接棒。 其中，阿里巴巴大涨超过5%，再创2021年11月17日以来的新高，市值重返3万亿港元，股王腾讯表现也 很亮眼，股价大涨超2%，股价冲上661港元，距离历史最高点701.6港元，只剩5%左右。 以阿里、腾讯为前二权重，其中"阿里含量"超13%的港股通科技ETF基金(159101)，强势收涨3.37%，盘 中涌现12笔申购大单。 而港股通科技ETF基金(159101)跟踪的国证港股通科技指数，表现也非常抢眼，截至今日，该指数今年 累计上涨55.86%，自2017年以来的年化收益率为13.73%，可谓是更猛的港股科技投资工具。 01、利好不断 港股科技股的火热，是多个利好共振的结果。 首先，是利好消息频传。 2025年9月数据显示，阿里通义模型在中国企业级大模型市场中占比17.7%，位列第一。同期，高德扫 街榜上线，进一步拓展业务边界；2025年9月17日，阿里巴巴完成发行32亿美元零息可转换优先票据， 为长期战略发展提供资金支持。 值得关注的还有，香港特区行政长官李家超今天发表最新《施政报告》。 他提到，香港将通过"科企专线"协助内地科技 ...

9月15日，港股市场走强，港股科技50ETF（159750）上涨1.13%，中概互联ETF（513220）上涨1.42%。成分股方面，阿里巴巴上涨2.32%，股价触及156港 元，续创2021年末以来的新高。其他个股中，小米集团、网易涨超1%，腾讯控股、中芯国际、京东集团纷纷上涨。 消息面上，国产大模型在应用层面正呈现爆发式增长。9月1日，据国际市场调研机构沙利文（Frost&Sullivan）发布的《中国GenAI市场洞察：企业级大模型 调用全景研究》，中国企业级大模型调用呈爆发式增长，2025年上半年日均调用量较2024年底实现363%的增长，目前超10万亿Tokens。其中，阿里通义模 型占比17.7%，位列第一，是中国企业选择最多的大模型。 兴业证券认为，在宏观环境以及产业趋势双重叠加下，后续港股互联网相对A股TMT产业链仍具备较大补涨空间：第一，9月美国议息会议临近，新一轮降 息周期启动，利好外部流动性敏感、此前受压制较多的港股互联网；第二，阿里最新一季云收入、资本开支均超市场预期，叠加自研AI芯片等产业进展， 板块有望从"外卖内卷"叙事，回归AI叙事、科技成长叙事；第三，后续AI行情有望向中下游应 ...

Core Viewpoint - Alibaba Group's financial performance for the fourth quarter and full year of fiscal year 2025 shows a revenue increase driven by AI and cloud services, with a strong focus on shareholder returns through stock buybacks and dividends [1][2][5]. Financial Performance - For the fourth quarter of fiscal year 2025, Alibaba reported revenue of 236.45 billion RMB, a year-on-year increase of 7% [1]. - Alibaba Cloud's revenue growth accelerated to 18% in the fourth quarter, with annual revenue reaching 118 billion RMB, reflecting an 11% year-on-year increase [3]. AI and Cloud Business - The AI and cloud business is becoming a new growth engine for Alibaba, with AI-related product revenue maintaining triple-digit year-on-year growth for seven consecutive quarters [3]. - The company plans to invest over 380 billion RMB in cloud and AI hardware infrastructure over the next three years, exceeding the total investment of the past decade [3]. Other Business Segments - In the fourth quarter, Taobao Group's customer management revenue grew by 12% to 71.08 billion RMB, while international digital commerce revenue increased by 22% to 33.58 billion RMB [4]. - Cainiao Group's revenue decreased by 12% to 21.57 billion RMB, reflecting further integration of logistics services within the e-commerce business [4]. - Local life services revenue grew by 10% to 16.13 billion RMB, with overall losses narrowing year-on-year [4]. - The entertainment segment reported revenue of 5.55 billion RMB, a 12% increase driven by strong performance in film and advertising [4]. Shareholder Returns - Alibaba's CFO announced a commitment to enhancing shareholder returns, with a total of 11.97 billion shares repurchased for 11.9 billion USD in fiscal year 2025, resulting in a net reduction of 5.1% in outstanding shares [2][5]. - The board approved a total dividend distribution of 4.6 billion USD for fiscal year 2025, with a regular and special dividend amounting to 0.25 USD per share [5].